What Drives the Performance of the SME Sector? Evidence From Selected European Countries
Abstract
Small and medium-sized enterprises (SME) are highly important for economic development of every nation. Recently, many experts and policymakers have been trying to measure the performance and efficiency of these businesses. However, the methods used so far are often idiosyncratic, subjective, or static. This paper suggests a new way to measure the success of these businesses using a data-driven method. More specifically, we combine decision-making techniques (namely, TOPSIS) and preference learning techniques. This innovative approach is flexible and can adapt to changes over time by iterative preference elicitation and TOPSIS calculation. As a part of the case-study of the proposed approach, we found that Ireland is a great example to follow and that the ’think-small-first’ principle is the most important driver of the SME growth. The findings can help government officials and analysts, especially when they are planning policies for small and medium-sized enterprises.
References
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R. Pelissari, M. C. Oliveira, S. B. Amor, A. Kandakoglu, and A. L. Helleno, “SMAA methods and their applications: a literature review and future research directions,” Annals of Operations Research, vol. 293, pp. 433–493, 2020.
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S. Corrente, S. Greco, and R. Słowínski, “Multiple criteria hierarchy process with ELECTRE and PROMETHEE,” Omega, vol. 41, no. 5, pp. 820–846, 2013.
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D. Radicic and S. Petković, “Impact of digitalization on technological innovations in small and medium-sized enterprises (SMEs),” Technological Forecasting and Social Change, vol. 191, p. 122474, Jun. 2023. doi: 10.1016/j.techfore.2023.122474
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V. B. Nakku, F. W. Agbola, M. P. Miles, and A. Mahmood, “The interrelationship between SME government support programs, entrepreneurial orientation, and performance: A developing economy perspective,” Journal of Small Business Management, vol. 58, no. 1, p. 2–31, Nov. 2019. doi: 10.1080/00472778.2019.1659671
M.Okanović, M. Milosavljević, S. Cicvarić Kostić, and J. Dlačić, “Embryonic Tech Ventures’ Orientation and Performance,” Management:Journal of Sustainable Business and Management Solutions in Emerging Economies, Sep. 2023. doi: 10.7595/management.fon.2023.0008
A. v. Stel, M. Carree, and R. Thurik, “The Effect of Entrepreneurial Activity on National Economic Growth,” Small Business Economics, vol. 24, no. 3, p. 311–321, Apr. 2005. doi: 10.1007/s11187-005-1996-6
F. Díez-Martín, A. Blanco-González, and C. Prado-Román, “Explaining nation-wide differences in entrepreneurial activity: a legitimacy perspective,” International Entrepreneurship and Management Journal, vol. 12, no. 4, p. 1079–1102, Jan. 2016. doi: 10.1007/s11365-0150381-4
J. C. Dencker, S. Bacq, M. Gruber, and M. Haas, “Reconceptualizing Necessity Entrepreneurship: A Contextualized Framework of Entrepreneurial Processes Under the Condition of Basic Needs,” Academy of Management Review, vol. 46, no. 1, p. 60–79, Jan. 2021. doi: 10.5465/amr.2017.0471
M. Milosavljevic, S. Radovanovic, and B. Delibasic, “Evaluation of Public Procurement Efficiency of the EU Countries using Preference Learning TOPSIS Method,” Economic Computation and Economic Cybernetics Studies and Research, vol. 55, no. 3/2021, p. 187–202, Sep. 2021. doi: 10.24818/18423264/55.3.21.12
M. Milosavljević, S. Radovanović, and B. Delibašić, “What Drives the Performance of Tax Administrations? Evidence from selected European Countries,” Economic Modelling, vol. 121, p. 106217, Apr. 2023. doi: 10.1016/j.econmod.2023.106217
A. A. Tunyi, C. G. Ntim, and J. Danbolt, “Decoupling management inefficiency: Myopia, hyperopia and takeover likelihood,” International Review of Financial Analysis, vol. 62, p. 1–20, Mar. 2019. doi: 10.1016/j.irfa.2019.01.004
M. Milosavljevic, N. Milanovic, and S. Benkovic, “Drivers of Performance Measurement Use: Empirical Evidence from Serbia,” Management- Journal for theory and practice of management, vol. 21, no. 78, p. 33–43, Mar. 2016. doi: 10.7595/management.fon.2016.0002
C. Marcotte, “Measuring entrepreneurship at the country level: A review and research agenda,” Entrepreneurship amp; Regional Development, vol. 25, no. 3–4, p. 174–194, Apr. 2013. doi: 10.1080/08985626.2012.710264
O. Dvouletý, “How to Analyse Determinants of Entrepreneurship and Self-Employment at the Country Level? a Methodological Contribution,” Journal of Business Venturing Insights, vol. 9, p. 92–99, Jun. 2018. doi: 10.1016/j.jbvi.2018.03.002
G. Rodrigues Brás and E. Soukiazis, “The Determinants of Entrepreneurship at the Country Level: A Panel Data Approach,” Entrepreneurship Research Journal, vol. 9, no. 4, Oct. 2018. doi: 10.1515/erj-2016-0060
M. Mrȯzewski and J. Kratzer, “Entrepreneurship and country-level innovation: investigating the role of entrepreneurial opportunities,” The Journal of Technology Transfer, vol. 42, no. 5, p. 1125–1142, May 2016. doi: 10.1007/s10961-016-9479-2
M. Henrekson and T. Sanandaji, “Measuring Entrepreneurship: Do Established Metrics Capture Schumpeterian Entrepreneurship?” Entrepreneurship Theory and Practice, vol. 44, no. 4, p. 733–760, May 2019. doi: 10.1177/1042258719844500
C. Lubinski, R. D. Wadhwani, W. B. Gartner, and R. Rottner, “Humanistic approaches to change: Entrepreneurship and Transformation,” Business History, p. 1–17, May 2023. doi: 10.1080/00076791.2023.2213193
T. Baker, E. Gedajlovic, and M. Lubatkin, “A Framework for Comparing Entrepreneurship Processes across Nations,” Journal of International Business Studies, vol. 36, no. 5, p. 492–504, Jun. 2005. doi: 10.1057/palgrave.jibs.8400153
J. Leitão and J. Capucho, “Institutional, Economic, and Socio-Economic Determinants of the Entrepreneurial Activity of Nations,” Administrative Sciences, vol. 11, no. 1, p. 26, Mar. 2021. doi: 10.3390/admsci11010026
C. Katzenbach and L. Ulbricht, “Algorithmic Governance,” Internet Policy Review, vol. 8, no. 4, Nov. 2019. doi: 10.14763/2019.4.1424
G. M. Johnson, “Are Algorithms Value-Free?: Feminist Theoretical Virtues in Machine Learning,” Journal of Moral Philosophy, pp. 1– 35, 2023. doi: 10.1163/17455243-20234372
S. Issar and A. Aneesh, “What is Algorithmic Governance?” Sociology Compass, vol. 16, no. 1, Dec. 2021. doi: 10.1111/soc4.12955
M. Saisana, Monitoring SMEs’ performance in Europe– Indicators fit for purpose. Methodological note. Joint Research Centre and Institute for the Protection and Security of the Citizen, Publications Office, 2012. doi: doi/10.2788/62756
P. Pedraza and A. Katsinis, Monitoring SMEs’ Performance in Europe– Methodological assessment of the SBA Scoreboard 2021. European Commission and Joint Research Centre, Publications Office of the European Union, 2022. doi: doi/10.2760/029214
R. P. Pradhan, M. B. Arvin, M. Nair, and S. E. Bennett, “The dynamics among entrepreneurship, innovation, and economic growth in the Eurozone countries,” Journal of Policy Modeling, vol. 42, no. 5, p. 1106–1122, Sep. 2020. doi: 10.1016/j.jpolmod.2020.01.004
M. Radonić, M. Milosavljević, and S. Knežević, “Intangible Assets as Financial Performance Drivers of IT Industry: Evidence from an Emerging Market,” E+M Ekonomie a Management, vol. 24, no. 2, p. 119–135, Jun. 2021. doi: 10.15240/tul/001/2021-2-008
J. Fürnkranz and E. Hüllermeier, “Preference learning and ranking by pairwise comparison,” in Preference learning. Springer, 2010, pp. 65–82.
P. Fitzsimons and C. O’Gorman, “Entrepreneurship in Ireland 2019 (Global Entrepreneurship Monitor),” 2020.
R. Astudillo and P. Frazier, “Multi-attribute Bayesian optimization with interactive preference learning,” in International Conference on Artificial Intelligence and Statistics. PMLR, 2020, pp. 4496–4507.
R. Pelissari, M. C. Oliveira, S. B. Amor, A. Kandakoglu, and A. L. Helleno, “SMAA methods and their applications: a literature review and future research directions,” Annals of Operations Research, vol. 293, pp. 433–493, 2020.
M. Behzadian, S. K. Otaghsara, M. Yazdani, and J. Ignatius, “A state-of the-art survey of TOPSIS applications,” Expert Systems with applications, vol. 39, no. 17, pp. 13051–13069, 2012.
S. Corrente, S. Greco, and R. Słowínski, “Multiple criteria hierarchy process with ELECTRE and PROMETHEE,” Omega, vol. 41, no. 5, pp. 820–846, 2013.
S. Greco, A. Ishizaka, M. Tasiou, and G. Torrisi, “On the methodological framework of composite indices: A review of the issues of weighting, aggregation, and robustness,” Social indicators research, vol. 141, pp. 61–94, 2019. 743
S. Corrente and M. Tasiou, “A robust TOPSIS method for decision making problems with hierarchical and non-monotonic criteria,” Expert Systems with Applications, vol. 214, p. 119045, 2023.
C. Gentile and M. K. Warmuth, “Linear hinge loss and average margin,” Advances in neural information processing systems, vol. 11, 1998.
K. Arendt, M. Jradi, M. Wetter, and C. Veje, “An Open-Source Python Tool for Parameter Estimation in Functional Mock-up Units,” Center for Energy Informatics, vol. 2018, 2018.
K. J. Berry, J. E. Johnston, and P. W. Mielke Jr, “Permutation methods,” Wiley Interdisciplinary Reviews: Computational Statistics, vol. 3, no. 6, pp. 527–542, 2011.
M.S. García-Cascales and M. T. Lamata, “On rank reversal and TOPSIS method,” Mathematical and computer modelling, vol. 56, no. 5-6, pp. 123–132, 2012.
J. Danaher, M. J. Hogan, C. Noone, R. Kennedy, A. Behan, A. De Paor, H. Felzmann, M. Haklay, S.-M. Khoo, J. Morison, M. H. Murphy, N. O’Brolchain, B. Schafer, and K. Shankar, “Algorithmic governance: Developing a research agenda through the power of collective intelligence,” Big Data amp; Society, vol. 4, no. 2, p. 205395171772655, Sep. 2017. doi: 10.1177/2053951717726554
M. Wijermars and M. Makhortykh, “Sociotechnical imaginaries of algorithmic governance in eu policy on online disinformation and fintech,” New Media amp; Society, vol. 24, no. 4, p. 942–963, Apr. 2022. doi: 10.1177/14614448221079033
S. J. Teixeira, C. M. L. Casteleiro, R. G. Rodrigues, and M. D. Guerra, “Entrepreneurial intentions and entrepreneurship in european countries,” International Journal of Innovation Science, vol. 10, no. 1, p. 22–42, Mar. 2018. doi: 10.1108/ijis-07-2017-0062
M.- Galindo-Martín, M.-S. Castãno-Martínez, and M.-T. M´endez-Picazo, “Digitalization, entrepreneurship and competitiveness: an analysis from 19 european countries,” Review of Managerial Science, vol. 17, no. 5, p. 1809–1826, Mar. 2023. doi: 10.1007/s11846-023-00640-1
StartUpBlink, “Global Startup Ecosystem Index 2023,” StartUpBlink, Tech. Rep., 2023.
C. Cicea, I. Popa, C. Marinescu, and S. C. Stefan, “Determinants of SMEs’ performance: evidence from European countries,” Economic Research-Ekonomska Istraˇzivanja, vol. 32, no. 1, p. 1602–1620, Jan. 2019. doi: 10.1080/1331677x.2019.1636699
I. Grilo and A. R. Thurik, Entrepreneurship in the Old and New Europe. Springer US, 2006, p. 75–103. ISBN 9780387323145
M. Milosavljević, M. Dobrota, and N. Milanović, “A New Approach to the Evaluation of Public Procurement Efficiency among European Countries,” European Review, vol. 27, no. 02, p. 246–259, Dec. 2018. doi: 10.1017/s1062798718000777
OECD, OECDSMEandEntrepreneurship Outlook 2019, 2019. doi: 10.1787/34907e9c-en
M. Radonić and M. Milosavljević, “Human Resource Practices, Failure Management Approaches and Innovations in Serbian Public Administration,” Transylvanian Review of Administrative Sciences, no. Special Issue December 2019, Dec. 2019.
E. Inacio Junior, E. A. Dionisio, B. B. Fischer, Y. Li, and D. Meissner, “The global entrepreneurship index as a benchmarking tool? Criticisms from an efficiency perspective,” Journal of Intellectual Capital, vol. 22, no. 1, p. 190–212, Mar. 2020. doi: 10.1108/jic-092019-0218
P. Reynolds, N. Bosma, E. Autio, S. Hunt, N. De Bono, I. Servais, P. Lopez-Garcia, and N. Chin, “Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998?2003,” Small Business Economics, vol. 24, no. 3, p. 205–231, Apr. 2005. doi: 10.1007/s11187-005-1980-1
Published
2024-10-07
How to Cite
MILOSAVLJEVIĆ, Miloš; RADOVANOVIĆ, Sandro.
What Drives the Performance of the SME Sector? Evidence From Selected European Countries.
Yugoslav Journal of Operations Research, [S.l.], v. 35, n. 4, p. 725-748, oct. 2024.
ISSN 2334-6043.
Available at: <https://yujor.fon.bg.ac.rs/index.php/yujor/article/view/1303>. Date accessed: 08 dec. 2025.
doi: https://doi.org/10.2298/YJOR240115048M.
Issue
Section
Research Articles
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
